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Innovation, Information and Financial Architecture

Tadesse, Solomon - William Davidson Institute, University of Michigan - 2007

Does a financial system architecture anchored on banks better than one centered on markets in fostering technological innovations as engine of growth? In a panel of industrial sectors across a large cross section of countries, I find that while market-based systems have a general positive effect...

Persistent link: https://www.econbiz.de/10005652649

Determinants of Financial Distress: What Drives Bankruptcy in a Transition Economy? The Czech Republic Case

Lízal, Lubomír - William Davidson Institute, University of Michigan - 2002

The main factors influencing the probability of bankruptcy are analyzed on Czech Republic 1993-1999 firm data. Basic … models of the bankruptcy are compared: neoclassical, financial and corporate governance. The corporate governance hypothesis …

Persistent link: https://www.econbiz.de/10005784676

The Failure of Government-led Program of Corporate Reorganization in Romania

Djankov, Simeon; Ilayperuma, Kosali - William Davidson Institute, University of Michigan - 1997

We provide the first comprehensive cost-benefit analysis of government-led reorganization programs for financially distressed firms in transition economies. The study is based on empirical evidence on the programs in Albania, Arinenia, Bulgaria, FYR Macedonia, Romania, Kazakhstan, Kyrgyz...

Persistent link: https://www.econbiz.de/10005489895

Quality of Institutions, Credit Markets and Bankruptcy

Hainz, Christa - William Davidson Institute, University of Michigan - 2005

The number of firm bankruptcies is surprisingly low in economies with poor institutions. We study a model of bank-firm relationship and show that the bank’s decision to liquidate bad firms has two opposing effects. First, the bank receives a payoff if a firm is liquidated. Second, it loses the...

Persistent link: https://www.econbiz.de/10005651481

Revisiting Hungary's Bankruptcy Episode

Bonin, John P.; Schaffer, Mark E. - William Davidson Institute, University of Michigan - 1999

We take a retrospective look at Hungary's experiment with a particularly draconian bankruptcy law. For an eighteen …-month period in 1992-93, the Hungarian bankruptcy code contained an unusual automatic trigger that required the managers of firms … bankruptcy framework not connected to the automatic trigger provide the more important lessons. In particular, it is possible to …

Persistent link: https://www.econbiz.de/10005677576

Passive Creditors

Schoors, Koen; Sonin, Konstantin - William Davidson Institute, University of Michigan - 2005

Creditors are often passive because they are reluctant to show bad debts on their own balance sheets. We propose a simple general equilibrium model to study the externality effect of creditor passivity. The model yields rich insights in the phenomenon of creditor passivity, both in transition...

Persistent link: https://www.econbiz.de/10005677615

Does Institutional Quality Affect Firm Performance? Insights from a Semi-Parametric Approach

Bhaumik, Sumon; Dimova, Ralitza; Kumbhakar, Subal C.; … - William Davidson Institute, University of Michigan - 2012

Using a novel modeling approach, and cross-country firm level data for the textiles industry, we examine the impact of institutional quality on firm performance. Our methodology allows us to estimate the marginal impact of institutional quality on productivity of each firm. Our results bring...

Persistent link: https://www.econbiz.de/10010545915

Does Institutional Quality Affect Firm Performance? Insights from a Semi-Parametric Approach

Bhaumik, Sumon; Dimova, Ralitza; Kumbhakar, Subal C.; … - William Davidson Institute, University of Michigan - 2012

Persistent link: https://www.econbiz.de/10010552177

Social Capital and Entrepreneurial Performance in Russia: A Panel Study

Batjargal, Bat - William Davidson Institute, University of Michigan - 2000

Drawing on the social embeddedness perspective, this paper examines the impact of entrepreneurs' social capital on their firm performance in post-Soviet Russia. Based on face-to-face interviews with 75 Russian entrepreneurs in 1995, and the follow-up study in 1999, the study contrasts the...

Persistent link: https://www.econbiz.de/10005784594

Firm Performance in Bulgaria and Estonia: The effects of competitive pressure and disorganization

Konings, Jozef - William Davidson Institute, University of Michigan - 1998

This paper is concerned with the analysis of firm performance, measured as total factor productivity, using a panel of over 1200 Bulgarian and 200 Estonian firms. The main empirical conclusions are (i) higher Financial and competitive pressure improves firm performance in Bulgaria; (ii)...

Persistent link: https://www.econbiz.de/10005784673